Minister of Foreign Affairs of Sri Lanka H E Ali Sabry
Doha, Qatar: The existing “good” bilateral relations between Qatar and Sri Lanka have a significant untapped potential for growth and collaboration, said Minister of Foreign Affairs of Sri Lanka H E Ali Sabry, during his recent visit to Doha.
In an exclusive interview with The Peninsula, the Sri Lankan Minister said with the relations currently centred on the employment of Sri Lankans in Qatar, the focus is now shifting towards fostering a more comprehensive partnership that extends into the realm of investment.
“We have generally good bilateral relations but there is a lot of room for improvement. Right now it is confined to Sri Lankans coming and working here. But we are looking at investments from Qatar to Sri Lanka and we do see a major opportunity there,” he said.
“We want to upgrade the relationship, so Qatar will look into Sri Lanka as a viable destination for investment,” he said, adding that Sri Lanka intends to develop a multifaceted relationship with Qatar.
Sabry, during his visit to participate in Doha Forum 2023, met Minister of State for Foreign Affairs H E Sultan bin Saad Al Muraikhi and discussed bilateral relations and ways to support and develop them. He also met Mansoor Ebrahim Al Mahmoud, Chief Executive Officer of Qatar Investment Authority, and discussed investment opportunities in Sri Lanka.
Sri Lanka is seeking investments in areas of renewable energy, port development, airport and air craft industry, hospitality, and tourism.
“Sri Lanka is also looking into divesting some of its state owned entities like the insurance and banking businesses, telecom, hotels and Srilankan Airlines" which offers a lot of opportunities too, he said.
Sabry said his country's recovery from the recent economic crisis was steady. “Sri Lanka has made a remarkable comeback from what we were last year. Our economy has certainly developed. Inflation which was running around 70% has come down to a single figure now. Our reserves have gone up, we have substantial reserves to import for about three months. Tourism has doubled the number and has seen a 100 percent increment.”
“That shows the resilience of Sri Lankan economy and its people. There is opportunity. We would like to have a diverse pool of investors in Sri Lanka, that’s why we are looking at the Middles East, those who have traditionally been trade friends of Sri Lanka,” he added.
He gave the example of an interest shown by China, India, US, and the European Union to invest in Sri Lanka in areas of renewable energy, infrastructure, port development, hospitality and different areas. “In the recent past we have seen a lot of interest by the international community to investing in Sri Lanka,” said Sabry.
“Basically every crisis has an opportunity; we see that opportunity because of those world powers are converging at Sri Lanka,” he said, adding that Sri Lanka invites potential investors to do their “own due diligence.” Sabry was a panellist at a session on ‘BRICS Rising Influence in a Multipolar International Order,’ at Doha Forum 2023. Speaking about Sri Lanka’s priorities at Doha Forum, he said, “Key objective in participating at Doha Forum is to play a role in regional and global affairs and put the Sri Lankan perspective in place as well as to understand the geo-political nuances, and create more relationships with the international partners. We have very good relations with Qatar so we also need to be part of their initiative to get this platform to discuss issues which are very important for the world.”
Sbary also lauded Qatar’s mediation efforts on Gaza issue. “It is a great humanitarian cause and great initiative. I’m glad that Qatar is doing it and giving the leadership. So they should be congratulated and encouraged by everyone to bring a humanitarian ceasefire for once and for all,” Sabry said, advocating for a two-state solution.
